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Your baby may be heading off to college one day. Whether that blessed, albeit, bittersweet, day is one year or 10 years away, it’s never too late to begin considering how to pay for it.

But take heart: only 5 percent of families actually pay the college sticker price, says Laura Misner, regional representative for the College Foundation of North Carolina, an organization that helps families plan, apply and pay for college. Most use a combination of funds, including savings, financial aid and loans.

The key is to arm yourself with information ahead of time and be a savvy college shopper. Here are some tips from the experts.

Start saving

As soon as the kids are born is not too early to begin saving up, says Misner.

“Start planning as soon as you can and put aside as much as possible, but be aware of different saving options and how it will boost aid eligibility later,” says Kal Chany, Manhattan-based college financial aid consultant and author of the book, “Paying for College without Going Broke.”

Don’t make the mistake of not saving in order to be eligible for more financial aid (income is the primary factor in financial aid determination), Chany adds.

Consider a college investment plan such as the NC 529, which provides tax-free earnings on investments for college expenses.

Strategize in advance

The key is to understand how financial aid is awarded, and to plan ahead — at least two or three years before college if not earlier — so that your financial picture will allow for enough financial aid, says Chany.

Bone up on the financial aid process and the formulas used to determine aid by doing research online or checking the library or bookstore. For complicated financial situations, or if your child is focusing on private or elite colleges, you may want to confer with an independent financial aid consultant or a knowledgeable financial planner.

After getting filing tips and gathering the necessary documentation, visit www.fafsa.gov to fill out the Free Application for Federal Student Aid (FAFSA). And, Misner says, for the schools that require it, complete the College Scholarship Service (CSS) PROFILE to determine eligibility for government and college-based financial aid, including subsidized federal loans, work-study and grants, certain scholarships, and to find out how much your family is expected to pay (Expected Family Contribution, or EFC). Submit these forms as soon as possible after Jan. 1. If your tax return is not ready, estimate and revise later.

Meet the school’s deadlines and reapply every year. It helps to apply as early as possible to increase the chances for both need- and merit-based aid, experts add. Even if you don’t expect need-based aid, submit the FAFSA to be eligible for federal student loans, Misner adds. Check in with a tax adviser to take advantage of tax credits for education.

Above all, Misner says, don’t assume that college is not within reach. If family income is $30,000 or less, the actual cost for tuition and fees would be zero at many North Carolina colleges, with additional grant money to help reduce cost of living expenses and textbooks, she says.

While online net price calculators can give a general idea about the net price you’ll pay at a particular college, they aren’t completely accurate, says Chany.

Connect with colleges

Trying to decide on a particular university? First, check in with a knowledgeable high school counselor to help determine which colleges it makes sense to consider, says Misner.

Compare individual college specs on admission criteria, costs and financial aid history. Some schools are more generous than others, and/or have a strong desire for students who fit particular academic or other profiles.

Chany says to remember that higher education is a business — parents should negotiate for the best aid package they can get. “Apply strategically to colleges — if a student exceeds their admission criteria, you’re likely to get more free aid from the school,” he adds.

Tell a college’s financial aid office if your family has other financial issues or changes that are not reflected in the FAFSA, such as a death in the family or other expenses. They can often override an initial offer and give more money, Misner says.

Owen High School senior counselor Kitty Kelly says families should stay in continual contact with the financial aid office every year. If eligible for work-study aid, students must apply quickly once on campus — jobs can go quickly, she adds.

Meanwhile, don’t assume a large state or public school is the only affordable option, says Kelly, whose daughter, Jordan, has been able to attend Washington University in St. Louis at a price nearly equivalent to a North Carolina public university.

With more money available for merit scholarships and grants, a higher-priced private or more elite school may be just as within reach or even less costly, than some public universities, particularly for a high-achieving student, Kelly says.

Misner says students should be involved in the process because, “once in college, they’ll be in the driver’s seat, responsible for their finances, even if their parents are paying,”

Also, when they feel they have a stake in it, they’re less likely to squander their education, Misner adds.

Apply for scholarships

and grants

She also suggests focusing on local or regional scholarships awarded by community organizations and employers. Find these by checking with your high school’s counseling department or website, for starters.

Colleges themselves also may grant scholarships, which are typically renewable. Kelly says to “cast those nets,” check individual college websites, as well as www.cfnc.org, for different types of scholarships.

Some websites allow you to customize a scholarship search, but national scholarship search sites tend to send loads of scholarship offers, most of which will not be applicable to your child, adds Misner. Register on just a few, or it can become overwhelming, she adds.

Most scholarships are merit-based for students with particular qualifications, like academics, athletics, a special talent or community service. Some are available for students who are interested in particular fields of study, are members of underrepresented groups, live in certain areas of the country or have financial need.

“Schools can revise the aid package they’ve offered up until the day your bill is paid,” Misner says.

Avoid scholarship scams. For example, Misner warns you should never pay for scholarship information or applications. Be wary of free meal offers, claims that sound too good to be true, unusual requests for personal information, phone solicitations, or websites that promise scholarships.

Learn about loans

Some loans are better than others. For example, the federal Stafford loan offers low, fixed interest rates and flexible repayment options. Other federal loans are unsubsidized and most qualify for them, as they are not need-based, says Misner.

Go online to compare the different federal and other loans available. Before resorting to a private loan, contact CFNC or call your college financial aid office for other options. Take advantage of college payment plans.

Consider free college credits and lower-cost community and online colleges

High school students can take free college credit courses — ask your high school counselor what’s available. Save money by enrolling in a community college the first two years or an online college program offered at both community colleges and a growing number of four-year universities.

Pam J. Hecht is a freelance writer, editor and educator/tutor based in Asheville, North Carolina. E-mail her at pamjh8@gmail.com.

College financing timeline

1. From birth: start saving.

2. First grade and beyond: Encourage academics and extracurricular interests.